who are the primary users of state or local government financial statements 244371

For the multiple choice questions worth a total of 60 points, you should know:

  • TCO A
    • Who are the primary users of state or local government financial statements?
    • What are the statements that are prepared by all not-for-profit organizations?
    • What are the purposes of preparing government-wide financial statements?
  • TCO B
    • The characteristics of a fund as defined by GASB Standards.
    • When are interfund transfers recognized under GASB Standards?
    • When should funds be established according to legal and GASB Standards?
    • Legal issues in job analysis
    • Job agents
    • Writing KSAs
  • TCO C
    • Budgetary entries at the start of the fiscal year.
    • The purposes of making comparisons of budgeted versus actual revenues and expenditures.
    • What are the types of transactions that can increase the fund balance of a government at the end of the fiscal year?
  • TCO D
    • General Fund Journal Entries involving transactions taking place during the fiscal year.
    • General Fund Closing Entries at the end of the fiscal year.
    • What items are included in governmental fund financial statements?
  • TCO E
    • How is donated property recorded under the Capital Projects Fund?
    • What amounts are capitalized under the Capital Projects Fund when it comes to construction?
    • Accounting for Capital Leases.
    • Journal entries under the Debt Service Fund.
    • Journal entries recorded under the Debt Service Fund involving the due date for interest payments.
    • What are the budgetary accounts that are used by a Debt Service Fund?
  • TCO G
    • Journal entries that are recorded in the agency fund.
    • Understand the method of accounting for Private Purpose Trust Funds.
    • What are the financial statements that are prepared by the agency fund?
  • TCO J
    • What are the government-wide financial statements that should be prepared under GASB Standards?
    • What are the differences between government-wide financial statements and fund-based financial statements?
    • What are the financial statements that need to be prepared under the governmental fund?
  • TCO H
    • Understand how audits are conducted under generally accepted government auditing standards.
    • Audit reports under state and local governments—what are the paragraphs that should be included in the audit reports?
    • Understand the term “deficiency” as it relates to audits of state and local governments.
    • Understand how conditional pledges are recognized by not-for-profit organizations.
    • How to account for securities that are donated to a not-for-profit organization?
    • How should depreciation expense be accounted for by a not-for-profit organization?
  • TCO I
    • Understand the content of the financial statements as it relates to a private college or university.
    • Understand how loans made to students are reported on the financial statement as it relates to a college or university.
    • Understand how estimated uncollectible tuition and fees are reported on the financial statement of a college or university.
    • Understand the primary sources of revenues for most hospitals.
    • Understand how charity service and bad debts in a public are reported in the financial statements of a healthcare entity.
    • Understand how capitation fees are reported on a healthcare entity’s financial statements.

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